Porque elegimos el tema: La Antártida posee un gran valor

Anuncio
³5(6,'826(1/$$17$57,'$
*(67,213$5$/$5('8&&,21'(/2692/Ò0(1(6´
&2168/725(6 $0%,(17$/(6 ,17(*5$'26 9LUJLQLD $XJXVWD ,VDEHO 9LWDOL &DUORV 5LQDOGL
'DQLHO*UHJKL'DQLHO0ROLQD\(GXDUGR(]HTXLHO$ORQVR
6DQ0DUWtQ³%´9LFHQWH/ySH]&33FLDGH%V$V)D[
HPDLOFRQDPELQW#FLXGDGFRPDUZZZHFRSXHUWRFRPVXPLQLVWURVBJUDILFD
3DODEUDV&ODYH $QWiUWLGDJHVWLyQ\UHGXFFLyQGHUHVLGXRV
ž&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH
DOGH6HSWLHPEUHGH
&855Ë&8/806
'U&DUORV$OEHUWR5LQDOGL'RFWRUHQ&LHQFLDV1DWXUDOHV(VSHFLDOLGDG*HRORJtD8%$%HFDV
REWHQLGDV%HFDULRGH$FDGHP\RI6FLHQFH86$2,($0LQLVWHULRGH5HODFLRQHV([WHULRUHVGH
(VSDxD7HVLVGLULJLGDV7UDEDMRVGH/LFHQFLDWXUD
'LSORPDDOPHULWRRWRUJDGRSRUOD)XQGDFLyQ.RQH[3UHPLR,QVWLWXFLRQDO8QLyQ1DFLRQDO
3UHPLRDODSURGXFFLyQ&LHQWtILFD8%$\
0DWHU+RQRULV&DXVD&LHQFLDV$PELHQWDOHV:RUOG8QLYHUV\2UGHQD ORV6HUYLFLRV'LVWLQJXLGRV
HQ HO *UDGR GH &RPHQGDGRU -HIH GHO (VWDGR 0D\RU GHO (MHUFLWR 0DV GH WUDEDMRV
SXEOLFDGRV GH VX HVSHFLDOLGDG HQ UHYLVWDV 1DFLRQDOHV \ H[WUDQMHUDV &RQVXOWRU GHO 'HSDUWDPHQWR
&RQVXOWRUtD $PELHQWDO H +LJLHQH \ 6HJXULGDG ,QGXVWULDO GH OD 8QLYHUVLGDG ,QWHUQDFLRQDO :25/'
81,9(56,7< 6HGH$UJHQWLQD\ &2168/725(6$0%,(17$/(6,17(*5$'26
/LF9LUJLQLD9LWDOL/LFHQFLDGRHQ&LHQFLDVGHO$PELHQWH8QLYHUVLGDG&DWyOLFDGH6DOWD&RQVXOWRUD
GHO 'HSDUWDPHQWR &RQVXOWRUtD $PELHQWDO H +LJLHQH \ 6HJXULGDG ,QGXVWULDO GH OD 8QLYHUVLGDG
,QWHUQDFLRQDO :25/' 81,9(56,7< 6HGH $UJHQWLQD \ &2168/725(6 $0%,(17$/(6
,17(*5$'26 $FWXDOPHQWH HV -HID GH $EDVWHFLPLHQWR GH 7RWDO /XEULFDQWHV FRQWLQXDGRUD GH (OI
/XEULFDQWHV $UJHQWLQD 6$ 6HPLQDULRV GH HVSHFLDOL]DFLyQ6HPLQDULR VREUH *HVWLyQ GH 5HVLGXRV
3DWRJpQLFRV &RQVHMR 3URIHVLRQDO GH $QDOLVWDV $PELHQWDOHV GH OD 5HS~EOLFD $UJHQWLQD 1RYLHPEUH
&XUVR GH 3RVW *UDGR &RQWURO \ SUHYHQFLyQ GH OD &RQWDPLQDFLyQ $PELHQWDO 8QLYHUVLGDG
&DWyOLFD GH 6DOWD \ 8QLYHUVLGDG 1DFLRQDO GH %XHQRV $LUHV )DF GH )DUPDFLD \ %LRTXtPFD-XQLR
&XUVR*HVWLyQGH5HVLGXRV3DWRJpQLFRV+RVSLWDO0LOLWDU&HQWUDO&RVPH$UJHULFK-XOLR
&XUVR*XHUUD4XtPLFD\ÈQWUD[)XQGDFLyQ&RQVHMR$UJHQWLQRGH6HJXULGDG'LFLHPEUH
,QJ 5LFDUGR 'DQLHO *UHJKL ,QJHQLHUR HQ 6HJXULGDG $PELHQWDO ± ,QJHQLHUR &LYLO ,QJHQLHUR
(VSHFLDOLVWDHQ+LJLHQH\6HJXULGDG/DERUDO &RQVXOWRU$PELHQWDOH+LJLHQH\6HJXULGDG,QGXVWULDOGH
OD )81'$&,Ï1 :25/' &2//(*( 6HGH $UJHQWLQD &2168/725(6 $0%,(17$/(6
,17(*5$'26,1'8675,$6(YDOXDFLRQHVGH,PSDFWR$PELHQWDO3URJUDPDGHPDQHMRGHUHVLGXRV
3URJUDPD GH SUHYHQFLyQ GH HPHUJHQFLDV \ SODQ GH FRQWLQJHQFLD 3ODQ GH DFFLyQ DQWH LQFHQGLRV
2%5$6$HURSXHUWR,QWHUQDFLRQDOGH(]HL]D$HURSXHUWR±5HILQHUtD6KHOO3ODQWD'RFN6XG±
%V $V +LSHUPHUFDGR &RWR 7pPSHUOH\ ± 5HSVRO <3) 5HILQHUtD /D 3ODWD ± 3XHUWR 0DGHUR
3XHQWH3HDWRQDO&DODWUDYD7RUUHV5LYHU9LHZ3WR0DGHUR0,1(5$$/80%5(5$/7'3529
'(&$7$0$5&$
/LF (GXDUGR (]HTXLHO $ORQVR /LFHQFLDGR HQ &LHQFLDV GHO $PELHQWH 8&6 &RQVXOWRU GHO
'HSDUWDPHQWR &RQVXOWRUtD $PELHQWDO H +LJLHQH \ 6HJXULGDG ,QGXVWULDO GH OD 8QLYHUVLGDG
,QWHUQDFLRQDO :25/' 81,9(56,7< 6HGH $UJHQWLQD \ &2168/725(6 $0%,(17$/(6
,17(*5$'26$FWLYLGDG GRFHQWH WLWXODU GH OD FiWHGUD GH +LJLHQH \ 6HJXULGDG HQ 7UDEDMR \ 0HGLR
$PELHQWH HQ OD (VFXHOD 6XSHULRU 7pFQLFD HQ OD &DUUHUD GH /LFHQFLDWXUD GH $GPLQLVWUDFLyQ GH
(PSUHVDV
-HIHGH%DVH$QWiUWLFD%HOJUDQR,,,DxR-HIHGHOD%DVH$QWiUWLFD(VSHUDQ]DDxR-HIH
GH 2SHUDFLRQHV GHO &RPDQGR &RQMXQWR $QWiUWLFR HQ ODV &DPSDxDV $QWiUWLFDV GH 9HUDQR HQ HO DxR
\FRRUGLQDGRUGHODHMHFXFLyQGHORVSURJUDPDV\FRPSURPLVRVFLHQWtILFRVQDFLRQDOHVH
LQWHUQDFLRQDOHV
/LF0ROLQD'DQLHO$WLOLR/LFHQFLDGRHQ&LHQFLDVGHO$PELHQWH8QLYHUVLGDG&DWyOLFDGH6DOWD
6XSHUYLVRUGHOD6HFFLyQ4XtPLFD\&RQWDPLQDFLyQ0DULQDGHO6HUYLFLRGH+LGURJUDItD1DYDO6,+1
&RPSRQHQWH GHO JUXSR LQWHUGLVFLSOLQDULR HQFDUJDGR GH SODQLILFDU HMHFXWDU H LQIRUPDU HO HVWDGR GH OD
FDOLGDG GHO DJXD GHO 5tR 8UXJXD\ GHQWUR GHO SURJUDPD 352&21 LPSOHPHQWDGR SRU OD &RPLVLyQ
$GPLQLVWUDGRUDGHO5tR8UXJXD\GHVGHHODxRKDVWDODDFWXDOLGDG
6XSHUYLVRUGHFDPSRGHORVPRQLWRUHRV\DQiOLVLVTXtPLFRVUHTXHULGRVHQORVFUXFHURVKLGURJUiILFRV
RFHDQRJUiILFRV\DQWiUWLFRVSODQLILFDGRVSRUHO6,+1FRQ,QVWLWXWRV1DFLRQDOHVHLQWHUQDFLRQDOHV
ž&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH
DOGH6HSWLHPEUHGH
-XVWLILFDFLyQ /D $QWiUWLGD FRPR ODERUDWRULR QDWXUDO SRVHH XQ JUDQ YDORU SDUD OD LQYHVWLJDFLyQ
FLHQWtILFD TXH SRGUi WHQHU FRQWLQXLGDG D WUDYpV GH ODV JHQHUDFLRQHV IXWXUDV VLHPSUH \ FXDQGR VXV
FDUDFWHUtVWLFDVQDWXUDOHVSXHGDQVHUSUHVHUYDGDVGHODVDFWLYLGDGHVDQWUySLFDV
2EMHWLYR ,PSOHPHQWDFLyQ GH YDULDEOHV TXH GLVPLQX\DQ VHQVLEOHPHQWH OD JHQHUDFLyQ \ JHVWLyQ GH
UHVLGXRV
0HWRGRORJtD 2EVHUYDFLyQ PXOWLIDFpWLFD EDVDGD HQ OD H[SHULHQFLD DGTXLULGD SRU ORV DXWRUHV HQ OD
]RQDGHHVWXGLR
5HVXOWDGRV\UHFRPHQGDFLRQHV6HSXHGHQRSWLPL]DUFRQLPSOHPHQWDFLyQGHYDULDEOHVUHHPSOD]R
GHODFWXDOVLVWHPDGHHPEDODMHSRUUHWRUQDEOHVHPSOHRGHHQHUJtDVDOWHUQDWLYDVGLVPLQXLUHOUHOOHQR
LQWHUQRGHODFDUJD
,1752'8&&,Ï1
/D $QWiUWLGD SRVHH XQ JUDQ YDORU FRPR ODERUDWRULR QDWXUDO SDUD OD LQYHVWLJDFLyQ FLHQWtILFD HQ
SUREOHPDVGHUHOHYDQFLDJOREDO\HVWRSRGUiWHQHUFRQWLQXLGDGDWUDYpVGHODVJHQHUDFLRQHVIXWXUDV
VLHPSUH \ FXDQGR VXV FDUDFWHUtVWLFDV QDWXUDOHV SXHGDQ VHU SUHVHUYDGDV GH OD JHQHUDFLyQ GH
UHVLGXRV UHDOL]DGRV SRU ODV GLYHUVDV DFWLYLGDGHV KXPDQDV TXH VH GHVDUUROODQ HQ HO WHUULWRULR pVWDV
SXHGHQ RFDVLRQDU LQQXPHUDEOHV LPSDFWRV DPELHQWDOHV GH QR PHGLDU XQ PpWRGR DSURSLDGR GH
GLVSRVLFLyQILQDOGHORVPLVPRVGHELGRDODVHQVLELOLGDGGHORVDPELHQWHVPDULQRV\WHUUHVWUHV
7DOHVUHVLGXRVQRVyORFRPSUHQGHQDORVGHVHFKRVGRPpVWLFRVHIOXHQWHVUHVWRVGHDOLPHQWRVHWF
VLQR D ORV JHQHUDGRV SRU ODV GLVWLQWDV DFWLYLGDGHV TXH VH UHDOL]DQ HQ ODV EDVHV XELFDGDV HQ HO
WHUULWRULRFRQVWUXFFLyQYHKtFXORVPDQWHQLPLHQWRDEDVWHFLPLHQWRHWF
2%-(7,926<0(7$6'(/$,19(67,*$&,Ï1
(Q IXQFLyQ GHO FRQRFLPLHQWR SURIXQGR GH ORV DXWRUHV VH DSRUWDUi VX H[SHULHQFLD SDUD OD
LPSOHPHQWDFLyQ GH YDULDEOHV TXH GLVPLQXLUiQ VHQVLEOHPHQWH D~Q SRU GHEDMR GH OR H[LJLGR OD
JHQHUDFLyQ \ JHVWLyQ GH UHVLGXRV \ HPLVLRQHV HQ HO iUHD GH HVWXGLR D ILQ GH TXH OD 5HS~EOLFD
$UJHQWLQDSXHGDGHVWDFDUVXUROFRQFDUDFWHUtVWLFDVGHH[FHOHQFLD
¾
¾
¾
¾
([KLELUORVDUJXPHQWRVTXHDYDODQODQHFHVLGDGGHLPSOHPHQWDUSODQHVJHVWLyQSDUDODUHGXFFLyQ
GHORVYRO~PHQHVGHUHVLGXRVHQOD$QWiUWLGD SDUDTXHHOLPSDFWRGHULYDGR SRUODSUHVHQFLD GHO
KRPEUH VHD PtQLPR R WUDQVLWRULR D ILQ GH ORJUDU TXH OD $QWiUWLGD FRQVHUYH VXV FRQGLFLRQHV
RULJLQDOHVGHSXUH]D\DTXHHVFRQVLGHUDGDHO~QLFRODERUDWRULRQDWXUDOH[LVWHQWHHQHOSODQHWD
3RQHU GH PDQLILHVWR ORV PRWLYRV TXH HYLGHQFLDQ OD QHFHVLGDG GH UHDOL]DU VHJXLPLHQWR HQ ODV
DFWLYLGDGHVTXHUHDOL]DHOKRPEUHHQODV%DVHV3HUPDQHQWHV7UDQVLWRULDV\&DPSDPHQWRV
'HVFULELU ORV LPSDFWRV \ FRQVHFXHQFLDV TXH SXHGHQ SURGXFLUVH GH QR FXPSOLU FRQ ODV SDXWDV
HVWDEOHFLGDVHQHO7UDWDGR$QWiUWLFR\HO3URWRFRORDO7UDWDGR$QWiUWLFR
(OHYDUSURSXHVWDSDUDDVHJXUDUODH[FHOHQFLDHQHOFXPSOLPLHQWRGHORVOLQHDPLHQWRVHVHQFLDOHV
GHO 7UDWDGR $QWiUWLFR \ 3URWRFROR DO 7UDWDGR $QWiUWLFR DVt FRPR ORV PHGLRV SUiFWLFRV SDUD VX
VHJXLPLHQWRYLJLODQFLD\RSWLPL]DFLyQHQHO7UDWDPLHQWRGH5HVLGXRV
0$5&27(Ï5,&20(72'2/Ï*,&25()(5(1&,$/$87,/,=$5
7HQLHQGR HQ FXHQWD OD UHVSRQVDELOLGDG GH ODV SDUWHV FRQVXOWLYDV GHO 7UDWDGR $QWiUWLFR GH OD FXDO
QXHVWUR SDtV HV PLHPEUR EDVDGD HQ OD H[SHULHQFLD DGTXLULGD SRU ORV DXWRUHV \ KDELHQGR VLGR
GLVFXWLGDHQJDELQHWHQRVSHUPLWLyREVHUYDUODIHQRPHQRORJtDPXOWLIDFpWLFDWDOFRPRVHPDQLILHVWDHQ
VX FRQWH[WR QDWXUDO VH SUHVHQWDUi HO PDUFR MXUtGLFR SROtWLFR SURIXQGL]DQGR HQ ODV SDUWLFXODULGDGHV
IXQGDPHQWDOHVTXHSHUPLWDQODLQWHUSUHWDFLyQGHOSRVLFLRQDPLHQWR\VLWXDFLyQTXHDFWXDOPHQWHUHYLVWH
HO VHFWRU HQ HVWXGLR GHVFULELUHPRV ODV FDUDFWHUtVWLFDV QDWXUDOHV GHO FRQWLQHQWH \ VX VLWXDFLyQ
ž&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH
DOGH6HSWLHPEUHGH
JHRJUiILFD OR TXH DSRUWDUi XQ PDUFR FRQFHSWXDO FODUR TXH SHUPLWLUi HO PHMRU HQWHQGLPLHQWR GHO
HVStULWXSURWHFFLRQLVWDTXHVRVWLHQHORVOLQHDPLHQWRVGHO3URWRFRORDO7UDWDGR$QWiUWLFR
8%,&$&,Ï16,78$&,Ï1*(2*5È),&$<&$5$&7(5Ë67,&$63$57,&8/$5(6
(OFRQWRUQRGHOFRQWLQHQWHDQWiUWLFRVHDVHPHMDDOGH$PpULFDGHO6XUSHURLQYHUWLGRFRQUHVSHFWRD
HOOD (VWi FRQVWLWXLGR SRU GRV HQRUPHV PDVDV WHUUHVWUHV VHSDUDGDV OLJHUDPHQWH SRU ORV PDUHV GH
:HGGHO\5RVV\URGHDGDVGHSURIXQGLGDGHVVXSHULRUHVDPHWURVORTXHKDFHPX\VLQJXODUVX
DLVODPLHQWR
(O FtUFXOR SRODU DQWiUWLFR HQFLHUUD SUiFWLFDPHQWH WRGDV ODV WLHUUDV VREUHSDVDGR VRODPHQWH SRU XQD
SRUFLyQGHOD7LHUUDGH6DQ0DUWtQ6HFWRU$QWiUWLFR$UJHQWLQRVLHQGRpVWDODSDUWHPiVVHSWHQWULRQDO
GHOFRQWLQHQWHDQWiUWLFR
/RVRFpDQRV3DFtILFR$WOiQWLFRH,QGLFRURGHDQHOFRQWLQHQWHVHSDUiQGRORGH$PpULFDGHO6XUÈIULFD
\ 2FHDQtD HQFRQWUiQGRVH D .P GHO FDER GH +RUQRV $PpULFD GHO 6XU .P GH 1XHYD
=HODQGD.PGHOH[WUHPR6XUGH7DVPDQLD$XVWUDOLD\D.PGHOH[WUHPR6XUGHÈIULFD
/D$QWiUWLGDHVXQFRQWLQHQWHLQVXODUGHOWDPDxRGH(VWDGRV8QLGRV\0p[LFRMXQWRV(VHOFRQWLQHQWH
PiV IUtR VHFR YHQWRVR DOWR KHODGR GH PHQRU DFFHVLELOLGDG KXPDQD PHQRV GHVDUUROODGR HQ VXV
UHFXUVRVH[SORWDEOHV\HQJHQHUDOPiVKRVWLOGHORVVLHWHFRQWLQHQWHVTXHKD\HQOD7LHUUD(VPiV
VHFRTXHHO6DKDUD\VXWHUUHQRKDDFXPXODGRKDVWDyPLOORQHVGHDxRVQHYDGDVHQIRUPDGH
KLHOR GHSRVLWDGR TXHFXEUHHOGHVXH[WHQVLyQ7LHQHHOGHKLHOR \ QLHYHGHO SODQHWD \ HO
GHODJXDGXOFH
(Q LQYLHUQR SDUWHV GHO PDU VH FRQJHODQ \ VH GXSOLFD HO WDPDxR GHO FRQWLQHQWH (Q HO YHUDQR VH
FRQWUDH DO GHUUHWLUVH DOJR GHO KLHOR \ GHVSUHQGHUVH JLJDQWHVFRV LFHEHUJ VXPHUJLGRV HQ VX PD\RU
SDUWHGHODVRULOODVGHODSODWDIRUPDGHKLHOR
/D$QWiUWLGDIXQFLRQDFRPRUHJXODGRUGHOFOLPDPXQGLDO\GHOQLYHOGHVXVPDUHV(VWDPDVDGHKLHOR
WRPDFDORUGHORVWUySLFRV\PDQGDDLUH\DJXDIUtRVKDFLDHOQRUWHFRPRSDUWHGHODFLUFXODFLyQJOREDO
GHO DLUH DO PLVPR WLHPSR TXH VXV DJXDV IUtDV D\XGDQ D LPSXOVDU OD FLUFXODFLyQ GH ORV RFpDQRV GHO
SODQHWD
/DV DJXDV IUtDVPDULQDV GH OD $QWiUWLGD GLVXHOYHQ FDQWLGDGHV HQRUPHV GH GLy[LGR GH FDUERQR GH OD
DWPyVIHUDFRPRSDUWHGHOFLFORJOREDOGHOFDUERQR(VWRD\XGDDUHJXODUODVWHPSHUDWXUDVPHGLDVGH
OD 7LHUUD 6L VH IXQGLHUDQ JUDQGHV FDQWLGDGHV GH KLHOR GH OD $QWiUWLGD D FDXVD GH XQ HIHFWR GH
LQYHUQDGHURPiVLQWHQVRHOQLYHOGHORVPDUHVVXELUtDDSUHFLDEOHPHQWH
(ODJXDHVULFDHQQXWULHQWHVDUUDVWUDGRVSRUODVFRUULHQWHVPDUtWLPDVTXHVHVHSDUDFRPRVHGLPHQWR
FXDQGR VH GHUULWHQ QLHYH \ KLHOR GXUDQWH HO YHUDQR HVRV QXWULHQWHV VRVWLHQHQ XQD DEXQGDQFLD GH
ILWRSOiQFWRQPLFURVFySLFRPDULQRDOLPHQWRSDUDJLJDQWHVFDVFDQWLGDGHVGHRUJDQLVPRVGHQRPLQDGRV
NULOOTXHD VXYH]VXVWHQWDQDPXFKDVRWUDVIRUPDVGHYLGD
(VWR H[SOLFD SRUTXp OD $QWiUWLGD HV HO KRJDU GH PLOORQHV GH SLQJLQRV GH PLOORQHV GH DYHV
PDULQDVODPD\RUFRQFHQWUDFLyQPXQGLDOGHHVSHFLHVGHEDOOHQDVTXHTXHGDQHQHOPXQGRGH
OD PLWDG GH ODV IRFDV GHO SODQHWD \ GH WLSRV GH SHFHV $OJR GH VX YLGD DFXiWLFD SXHGH VHU
VXVFHSWLEOH D ORV HIHFWRV GH XQD PX\ LQWHQVD LUUDGLDFLyQ XOWUDYLROHWD TXH LQFLGH GHELGR D OD H[WHQVD
SpUGLGD GH R]RQR HVWUDWRVIpULFR TXH HVWi VXFHGLHQGR VREUH JUDQ SDUWH GH HVWH FRQWLQHQWH GXUDQWH
SDUWHGHODxRSRUHIHFWRDQWUySLFR
ž&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH
DOGH6HSWLHPEUHGH
75$7$'2$17È57,&2
(QHO&RPLWpGH8QLRQHV&LHQWtILFDVSURSXVRUHDOL]DUXQHVWXGLR*HRItVLFR*OREDOGHODWLHUUDH
LQYLWyDWRGRVORV3DtVHVDFRODERUDUHQHVWDODERU
'XUDQWHVHHIHFWXDURQODVSULPHUDVUHXQLRQHV\VHFUHDURQVXEFRPLVLRQHVSDUDFDGDXQRGHODV
UHVSHFWLYDVGLVFLSOLQDVFLHQWtILFDV
/D $UJHQWLQD $XVWUDOLD %pOJLFD &KLOH -DSyQ 1RUXHJD 1XHYD =HODQGLD /D 8QLyQ 6XGDIULFDQD /D
8QLyQGHOD5HS~EOLFDV6RFLDOLVWDV6RYLpWLFDVHO5HLQR8QLGR\ORV((88VHFRPSURPHWLHURQDOOHYDU
HVWXGLRV HQ OD $QWiUWLGD HQWHQGLpQGRVH SRU pVWD OD UHJLyQ FRPSUHQGLGD DO VXU GH OD &RQYHUJHQFLD
$QWiUWLFD TXH FRUUH DSUR[LPDGDPHQWH HQWUH ORV ž \ ž GH /DW 6XU SRU GLVWLQWRV PHULGLDQRV GH
/RQJLWXGXQLHQGRORVSXQWRVHQTXHODVIUtDVPDVDVGHDJXDSRODUFRQPD\RUVDOLQLGDG\GHQVLGDG
VH KXQGHQ GHEDMR GH RWUDV PDV WHPSODGDV SURFHGHQWHV GHO 1RUWH DOOt VH SURGXFH XQ FDPELR
VLJQLILFDWLYRGHWHPSHUDWXUDTXHYDULDHQWUHž\ž&
(Q VH FUHD HO &RPLWp (VSHFLDO SDUD ODV ,QYHVWLJDFLRQHV $QWiUWLFDV FRQ OD H[SUHVD ILQDOLGDG GH
SURFHGHU DO LQWHUFDPELR GH LQIRUPDFLyQ HQWUH ORV SDtVHV SDUWLFLSDQWHV HQ HO QLYHO GH H[SHUWRV HVH
PLVPRDxRVHDFRUGyTXHHOHVWXGLRLQWHJUDOGHODWLHUUDGHOTXHIRUPDEDQSDUWHODVLQYHVWLJDFLRQHV
HQOD$QWiUWLGDVHUHDOL]DUtDHQHOFXUVRGHODxR*HRItVLFR,QWHUQDFLRQDO
&RPRFRURODULRSRGHPRVDILUPDUTXHODKXPDQLGDGKDEtDSRGLGRHQHOFRUWRSOD]RDGTXLULUXQDVXPD
GH FRQRFLPLHQWRV VREUH OD $QWiUWLGD TXH HQ WRGR HO ODSVR DQWHULRU GHVGH VX GHVFXEULPLHQWR KDEtD
SXHVWR ILQ D XQ SHUtRGR HQ TXH ORV SDtVHV VROR VH LQWHUHVDEDQ SRU VX SURSLR VHFWRU \ OH GLR D OD
$QWiUWLGDXQFDUiFWHUGHXQLGDG
3RUORH[SUHVDGRSUHFHGHQWHPHQWH\UHFRQRFLHQGRTXHHVGHLQWHUpVGH72'$OD+80$1,'$'TXH
OD$QWiUWLGDFRQWLQ~HXWLOL]iQGRVHH[FOXVLYDPHQWHSDUDILQHVSDFtILFRV\TXHQROOHJXHDVHUHVFHQDULR
XREMHWRGHGLVFRUGLDLQWHUQDFLRQDO\UHFRQRFLHQGRODLPSRUWDQFLDGHODVFRQWULEXFLRQHVDSRUWDGDVDO
FRQRFLPLHQWR FLHQWtILFR FRPR UHVXOWDGR GH OD FRRSHUDFLyQ LQWHUQDFLRQDO HQ OD LQYHVWLJDFLyQ FLHQWtILFD
HQ OD $QWiUWLGD VH ILUPD HQ :DVKLQJWRQ HO ž GH GLFLHPEUH GH SRU ORV UHSUHVHQWDQWHV
GLSORPiWLFRV GH ORV SDtVHV TXH GHVDUUROODURQ WDUHDV HQ OD $QWiUWLGD GXUDQWH HO DxR *HRItVLFR
,QWHUQDFLRQDO \ TXH HQWUy HQ YLJHQFLD DO VHU UDWLILFDGR SRU WRGRV ORV JRELHUQRV VLJQDWDULRV HO GH
MXQLRGH1XHVWUR3DtVORVDQFLRQyFRPR/H\GHOD1DFLyQ1žHOGHDEULOGH
3$,6(6
$UJHQWLQD
&KLOH
58QLGR
((88
%UDVLO
&KLQD
3RORQLD
5XVLD
8UXJXD\
&RUHDGHO6XU
(VSDxD
*UHHQSHDFH
'(63/,(*8('(%$6(6(1(/7(55,725,2$17È57,&2
3
9
'
3$,6(6
$OHPDQLD
(FXDGRU
,QGLD
1=HODQGD
$XVWUDOLD
)UDQFLD
-DSyQ
6XGiIULFD
,WDOLD
8FUDQLD
3HU~
3
9
'
5HIHUHQFLDV
33(50$1(17(6
9$&7,9$'$6(19(5$12
''(62&83$'$6
ž&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH
DOGH6HSWLHPEUHGH
',675,%8&,Ï1'(%$6(6$5*(17,1$6
%$6(
'(&(3&,21
%$6(
25&$'$6
%$6(
&$0$5$
%$6(
0$5$0%,2
%$6(
-8%$1<
%$6(
0(/&+,25
%$6(
%52:1
&217(1,'2*(1(5$/'(/75$7$'2$17È57,&2
¾
¾
¾
¾
¾
¾
/D$QWiUWLGDVHXWLOL]DUiH[FOXVLYDPHQWHSDUDILQHVSDFtILFRV
/D OLEHUWDG GH LQYHVWLJDFLyQ FLHQWtILFD HQ OD $QWiUWLGD \ OD FRRSHUDFLyQ KDFLD HVH ILQ FRPR
IXHUDQ DSOLFDGDV GXUDQWH HO $xR *HRItVLFR ,QWHUQDFLRQDO FRQWLQXDUiQ VXMHWDV D ODV
GLVSRVLFLRQHVGHOSUHVHQWH7UDWDGR
6HSURPRYHUiHOLQWHUFDPELRGHLQIRUPDFLyQVREUHORVSUR\HFWRVGHSURJUDPDVFLHQWtILFRVD
ILQGHSHUPLWLUHOPi[LPRGHHFRQRPtD \HILFLHQFLD HQ ODVRSHUDFLRQHVFRPRDVL WDPELpQ DO
LQWHUFDPELR GH SHUVRQDO FLHQWtILFR REVHUYDGRUHV \ UHVXOWDGRV HQWUH ODV H[SHGLFLRQHV \
HVWDFLRQHVHQOD$QWiUWLGD
1LQJ~Q DFWR R DFWLYLGDG TXH VH OOHYH D FDER PLHQWUDV HO SUHVHQWH 7UDWDGR HVWH YLJHQWH
FRQVWLWXLUi IXQGDPHQWR SDUD KDFHU YDOHU DSR\DU R QHJDU XQD UHFODPDFLyQ GH VREHUDQtD
WHUULWRULDO
4XHGDQ SURKLELGDV HQ OD UHJLyQ WRGD H[SORVLyQ QXFOHDU \ OD HOLPLQDFLyQ GH GHVHFKRV
UDGLRDFWLYRV
&RQ PRWLYR GH SURPRYHU ORV REMHWLYRV \ DVHJXUDU OD DSOLFDFLyQ GH ODV GLVSRVLFLRQHV GHO
SUHVHQWH7UDWDGRFDGDXQDGHODV3DUWHVWHQGUiGHUHFKRDGHVLJQDUREVHUYDGRUHVSDUDOOHYDU
ž&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH
DOGH6HSWLHPEUHGH
¾
¾
DFDERODVLQVSHFFLRQHVTXHJR]DUiQGHHQWHUDOLEHUWDGGHDFFHVRHQFXDOTXLHUPRPHQWRD
FDGDXQD\DWRGDVODVUHJLRQHVGHOD$QWiUWLGD
/DV3DUWHV&RQWUDWDQWHVLPSOLFDGDVHQFXDOTXLHUFRQWURYHUVLDFRQUHVSHFWRDOHMHUFLFLRGHOD
MXULVGLFFLyQ HQ OD $QWiUWLGD VH FRQVXOWDUiQ LQPHGLDWDPHQWH FRQ HO DQLPR GH DOFDQ]DU XQD
VROXFLyQPXWXDPHQWHDFHSWDEOH
)RUPXODUFRQVLGHUDU\UHFRPHQGDUDVXV*RELHUQRVPHGLGDVSDUDSURPRYHUORVSULQFLSLRV\
REMHWLYRVGHOSUHVHQWH7UDWDGRLQFOXVLYHPHGLGDVUHODFLRQDGDVFRQ
ƒ
ƒ
ƒ
ƒ
¾
¾
¾
¾
8VRGH$QWiUWLGDSDUDILQHVH[FOXVLYDPHQWHSDFtILFRV
)DFLOLGDGHVSDUDODLQYHVWLJDFLyQFLHQWtILFDLQWHUQDFLRQDOHQOD$QWiUWLGD
)DFLOLGDGHVSDUDODFRRSHUDFLyQFLHQWtILFDLQWHUQDFLRQDOHQOD$QWiUWLGD
)DFLOLGDGHVSDUDHOHMHUFLFLRGHORVGHUHFKRVGHLQVSHFFLyQSUHYLVWRVHQHODUWLFXOR9,,
GHOSUHVHQWH7UDWDGR
ƒ 3URWHFFLyQ\FRQVHUYDFLyQGHORVUHFXUVRVYLYRVGHOD$QWiUWLGD
/RV LQIRUPHV GH ORV REVHUYDGRUHV VHUiQ WUDQVPLWLGRV D ORV UHSUHVHQWDQWHV GH ODV 3DUWHV
&RQWUDWDQWHVTXHSDUWLFLSHQHQODVUHXQLRQHV
&DGD XQD GH ODV 3DUWHV &RQWUDWDQWHV VH FRPSURPHWH D KDFHU ORV HVIXHU]RV DSURSLDGRV
FRPSDWLEOHVFRQOD&DUWDGHODV1DFLRQHV8QLGDVFRQHOILQGHTXHQDGLHOOHYHDFDERHQOD
$QWiUWLGDQLQJXQDDFWLYLGDGFRQWUDULDDORVSURSyVLWRV\SULQFLSLRVGHOSUHVHQWH7UDWDGR
(QFDVRGHVXUJLUXQDFRQWURYHUVLDHQWUHGRVRPiVGHODV3DUWHV&RQWUDWDQWHVFRQFHUQLHQWH
DODLQWHUSUHWDFLyQRDODDSOLFDFLyQGHOSUHVHQWH7UDWDGRGLFKDV3DUWHVVHFRQVXOWDUiQHQWUH
Vt FRQ HO SURSyVLWR GH UHVROYHU OD FRQWURYHUVLD SRU QHJRFLDFLyQ LQYHVWLJDFLyQ PHGLDFLyQ
FRQFLOLDFLyQDUELWUDMHGHFLVLyQMXGLFLDOXRWURVPHGLRVSDFtILFRVDVXHOHFFLyQ
/D $QWiUWLGD VH XWLOL]DUi H[FOXVLYDPHQWH SDUD ILQHV SDFtILFRV 6H SURKtEH HQWUH RWUDV WRGD
PHGLGDGHFDUiFWHUPLOLWDUWDOFRPRHOHVWDEOHFLPLHQWRGHEDVHV\IRUWLILFDFLRQHVPLOLWDUHVOD
UHDOL]DFLyQ GH PDQLREUDV PLOLWDUHV DVt FRPR ORV HQVD\RV GH WRGD FODVH GH DUPDV SHUR HO
SUHVHQWH 7UDWDGR QR LPSHGLUi HO HPSOHR GH SHUVRQDO R HTXLSR PLOLWDU SDUD LQYHVWLJDFLRQHV
FLHQWtILFDVRSDUDFXDOTXLHURWURILQSDFLILFR
$&8(5'2648(&203/(0(17$1$/75$7$'2$17È57,&2 ¾
¾
¾
0HGLGDV FRQYHQLGDV SDUD OD SURWHFFLyQ GH IORUD \ IDXQD DQWiUWLFDV DGRSWDGD HQ %pOJLFD HQ
3RU HVWD ³PLQLFRQYHQFLyQ´ VH GHVLJQy D OD $QWiUWLGD FRPR XQD ³]RQD HVSHFLDO GH
FRQVHUYDFLyQ´ VH HVWDEOHFLHURQ ³(VSHFLHV 3URWHJLGDV´ ³=RQDV (VSHFLDOPHQWH 3URWHJLGDV´ \
³6LWLRVGH(VSHFLDO,QWHUpV&LHQWtILFR´
&RQYHQFLyQSDUDODFRQVHUYDFLyQGHODVIRFDVDQWiUWLFDVDGRSWDGDHQ/RQGUHVHQSRU
HVWH DFXHUGR VH HVWDEOHFLHURQ OtPLWHV D ODV FDSWXUDV SRU HVSHFLH GH IRFDV VH GHVLJQDURQ
]RQDV GH FDSWXUD \ WHPSRUDGDV GH YHGD $ OD IHFKD QR VH KDQ UHJLVWUDGR FDSWXUDV
FRPHUFLDOHVGHIRFDVHQOD$QWiUWLGDGHVGHHQTXHOD&RQYHQFLyQHQWUyHQYLJRU
&RQYHQFLyQSDUDODFRQVHUYDFLyQ GH ORVUHFXUVRVYLYRVPDULQRVDQWiUWLFRV IXHDGRSWDGDHQ
&DQEHUUD$XVWUDOLDHQ\HQWUyHQYLJRUHQWLHQHVXVHGHSHUPDQHQWHHQODFLXGDG
GH+REDUW7DVPDQLD$XVWUDOLD \VXREMHWLYRHVODFRQVHUYDFLyQGHWRGRVORVUHFXUVRV YLYRV
PDULQRVDQWiUWLFRVSREODFLRQHVGHSHFHVPROXVFRVFUXVWiFHRV\WRGDVODVGHPiVHVSHFLHV
GHRUJDQLVPRVYLYRVLQFOXLGDVODVDYHVFRQH[FHSFLyQGHODVEDOOHQDV\ ODVIRFDVTXHHVWiQ
FRPSUHQGLGDVHQRWURVDFXHUGRVLQWHUQDFLRQDOHVDQWHULRUHV(OREMHWLYRGHOD&RQYHQFLyQHV
ODFRQVHUYDFLyQGHORVUHFXUVRVYLYRVPDULQRVDQWiUWLFRV\GHILQHDODFRQVHUYDFLyQ³FRPROD
XWLOL]DFLyQUDFLRQDO´GHORVUHFXUVRVYLYRV
35272&2/2$/75$7$'2$17È57,&2 (O3URWRFRORDO7UDWDGR$QWiUWLFRVREUHSURWHFFLyQGHOPHGLRDPELHQWHDGRSWDGRHQ0DGULGHQ
HV XQ DFXHUGR TXH FRPSOHPHQWD DO 7UDWDGR $QWiUWLFR QR OR PRGLILFD QL HQPLHQGD D OD YH] TXH
WDPSRFRDIHFWDORVGHUHFKRV\REOLJDFLRQHVDGTXLULGRVSRUORVRWURVLQVWUXPHQWRVLQWHUQDFLRQDOHVHQ
YLJRUGHQWURGHO6LVWHPDGHO7UDWDGR$QWiUWLFR
(O SULQFLSLR EiVLFR HQ PDWHULD PHGLR DPELHQWDO HVWDEOHFH TXH SDUD OD SODQLILFDFLyQ \ UHDOL]DFLyQ GH
WRGDV ODV DFWLYLGDGHV TXH VH GHVDUUROOHQ HQ HO iUHD GHO 7UDWDGR $QWiUWLFR VH GHEHQ WHQHU HQ
ž&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH
DOGH6HSWLHPEUHGH
FRQVLGHUDFLyQ IXQGDPHQWDOPHQWH OD SURWHFFLyQ GHO PHGLR DPELHQWH DQWiUWLFR \ ORV HFRVLVWHPDV
GHSHQGLHQWHV\DVRFLDGRVDVtFRPRHOYDORULQWUtQVHFRGHOD$QWiUWLGDLQFOX\HQGRVXYLGDVLOYHVWUH\
VXVYDORUHVHVWpWLFRVDVtFRPRVXYDORUFRPR]RQDSDUDODFRPSUHQVLyQGHOPHGLRDPELHQWHJOREDO
6H DFXHUGD DVLPLVPR TXH H[LVWLUi FRRSHUDFLyQ HQ OD LQIRUPDFLyQ SODQLILFDFLyQ \ UHDOL]DFLyQ GH ODV
DFWLYLGDGHV HQ HO iUHD \ FRQ HVWH ILQ VH EXVFD SURPRYHU SURJUDPDV GH FRRSHUDFLyQ HQ PDWHULD GH
SURWHFFLyQ GHO PHGLR SDUD SUHSDUDU HYDOXDFLRQHV GH LPSDFWR DPELHQWDO LQIRUPDFLyQ VREUH ULHVJRV
SRWHQFLDOHV\FRRUGLQDFLyQGHDFWLYLGDGHV
(Q WRGR HVWH HQWRUQR VH SURKtEH FXDOTXLHU DFWLYLGDG UHODFLRQDGD FRQ UHFXUVRV PLQHUDOHV VDOYR OD
LQYHVWLJDFLyQFLHQWtILFD
/DV UHXQLRQHV FRQVXOWLYDV GHO 7UDWDGR $QWiUWLFR VRQ ODV HQFDUJDGDV GH GHILQLU GH DFXHUGR DO
SURWRFROR OD SROtWLFD JHQHUDO SDUD OD SURWHFFLyQ GHO PHGLR DPELHQWH \ ORV HFRVLVWHPDV DVRFLDGRV \
DGRSWDUODVPHGLGDVQHFHVDULDVSDUDODHMHFXFLyQGHOSURWRFROR
(OSURWRFRORFXHQWDFRQFLQFRDQH[RVTXHVHUHILHUHQHVSHFtILFDPHQWHD
¾ $QH[R(YDOXDFLyQGHLPSDFWRVREUHHOPHGLRDPELHQWH
¾ $QH[R&RQVHUYDFLyQGHODIORUD\IDXQDDQWiUWLFD
¾ $QH[R(OLPLQDFLyQ\WUDWDPLHQWRGHUHVLGXRV
¾ $QH[R3UHYHQFLyQGHODFRQWDPLQDFLyQPDULQD
¾ $QH[R6LVWHPDGH$UHDV3URWHJLGDV
35238(67$ '( 1250$6 < /,1($0,(1726 '( (/,0,1$&,Ï1 < 75$7$0,(172 '(
5(6,'826
/RV UHVLGXRV JHQHUDGRV SRU ODV GLYHUVDV DFWLYLGDGHV KXPDQDV TXH VH GHVDUUROODQ HQ OD $QWiUWLGD
SXHGHQ RFDVLRQDU LQQXPHUDEOHV LPSDFWRV DPELHQWDOHV GH QR PHGLDU XQ PpWRGR DSURSLDGR GH
GLVSRVLFLyQILQDO
7DOHV UHVLGXRV QR VyOR FRPSUHQGHQ D ORV GHVHFKRV GRPpVWLFRV EDVXUD VLQR WDPELpQ D ORV
JHQHUDGRV SRU ODV GLVWLQWDV DFWLYLGDG TXH VH UHDOL]DQ HQ XQD EDVH GH FRQVWUXFFLyQ YHKtFXORV
UHVLGXRVGHHPEDODMHHWF
3RUORWDQWRGHEHLQWHQWDUVHODXQLILFDFLyQGHFULWHULRSDUDUHDOL]DUXQPDQHMRUDFLRQDOGHORVGHVHFKRV
HQQXHVWUDVHVWDFLRQHVDQWiUWLFDV
1R FRQIRUPD HVWD XQ FyGLJR GH FRQGXFWD HQ UD]yQ GH TXH GDGD OD YDULHGDG GH ODV FDUDFWHUtVWLFDV
JHRJUiILFDV HQ ODV TXH VH KDOOD QXHVWUDV HVWDFLRQHV DQWiUWLFDV HO WUDWDPLHQWR GHEH HVFRJHUVH HQ
IXQFLyQGHFDGDiUHDHQSDUWLFXODU
(V SRU HOOR TXH FDGD HVWDFLyQ XWLOL]DUi OD RSFLyQ PiV DFRUGH FRQ VXV SRVLELOLGDGHV EDVDGD HQ HO
3URWRFRORGH0DGULGHOFXDOIXHUDWLILFDGRSRUOD/H\1DFLRQDO1žORTXHOHRWRUJDFDUiFWHUGH
REOLJDWRULHGDGGHFXPSOLPLHQWR\WHQLHQGRHQFXHQWDTXHHOREMHWLYRIXQGDPHQWDOHVODSUHVHUYDFLyQ
GHODPELHQWHTXHHOORIRUPDSDUWHGHODSROtWLFDQDFLRQDOFRQUHODFLyQDOFRQWLQHQWHDQWiUWLFR\TXHOD
FRQFLHQFLDSHUVRQDOGHWRGRXVXDULRGHOWHUULWRULRGHEHWHQGHUDFRQVHUYDUORHQHOHVWDGRSUtVWLQRTXH
HVHOTXHPiVVHDMXVWDDORVREMHWLYRVGHODLQYHVWLJDFLyQFLHQWtILFD
&ODVLILFDFLyQ GH UHVLGXRV SURSXHVWD SRU HO ,QVWLWXWR $QWiUWLFR $UJHQWLQR FRQMXQWDPHQWH FRQ ORV
2UJDQLVPRV1DFLRQDOHVTXHSRVHHQEDVHVHQHO7HUULWRULR$QWiUWLFR
/RV UHVLGXRV TXH SXHGDQ JHQHUDUVH HQ ODV HVWDFLRQHV DQWiUWLFDV KDQ VLGR FODVLILFDGRV HQ FXDWUR
JUXSRVGHDFXHUGRDVXJUDGRGHGHJUDGDELOLGDGVXSHOLJURVLGDGRDOGHVWLQRILQDOTXHVHOHVSLHQVH
GDU
*UXSR
$HVWHJUXSRSHUWHQHFHQORVGHVHFKRVELRGHJUDGDEOHVFRPRVHUUHVWRVGHFRPLGDSDSHOHVPDGHUDV
ž&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH
DOGH6HSWLHPEUHGH
\WUDSRVOLPSLRV
7UDWDPLHQWR
(VWRVUHVLGXRVSXHGHQVHU
¾ (YDFXDGRVGHOFRQWLQHQWHDQWiUWLFR
¾ ,QFLQHUDGRVUHFRUGDUTXHODVFHQL]DVGHEHQOXHJRVHUHYDFXDGDV
¾ $UURMDGRVDOPDU6yORHQHOFDVRGHORVUHVWRVGHFRPLGDH[FHSWXDQGRSURGXFWRVDYtFRODV
VLQ FRFHU GH FXDOTXLHU WLSR VLHPSUH \ FXDQGR HVWD RSHUDFLyQ VH UHDOLFH HQ DJXDV GH
FLUFXODFLyQDELHUWDQRHQEDKtDVFHUUDGDVRFDOHWDV\SUHYLRDXQDPDFHUDFLyQTXHDVHJXUH
XQ WDPDxR GH SDUWtFXOD VXILFLHQWHPHQWH SHTXHxR QR PD\RU D FP 1R GHEHUiQ HVWDU
FRQWHQLGRVHQUHFLSLHQWHVGHDOWDIORWDELOLGDG\QXQFDHQYXHOWRVRDOPDFHQDGRVHQEROVDVGH
SROLHVWLUHQR GH QLQJ~Q WLSR 6L ELHQ HVWD SUiFWLFD QR HVWi H[SUHVDPHQWH SHUPLWLGD HQ HO
3URWRFROR VH DXWRUL]DUi VX LPSOHPHQWDFLyQ EDMR ODV FRQGLFLRQHV DUULED GHVFULSWDV \ VyOR HQ
DTXHOODVEDVHVTXHQRFXHQWHQFRQXQLQFLQHUDGRU
/RV SURGXFWRV DYtFRODV GHEHUtDQ VHU FRFLGRV D ,ž & SRU XQ ODSVR PtQLPR GH GLH] PLQXWRV /D
FRFFLyQHVWHULOL]DFXDOTXLHUYLUXVTXHORVSURGXFWRVDYtFRODVSXHGDQSRUWDU\TXHSXHGHQFRQVWLWXLUXQ
SHOLJUR SDUD ODVDYHV DQWiUWLFDVSDUWLFXODUPHQWHSLQJLQRV \VN~DVQRDGDSWDGRVDODSUHVHQFLD GH
YLUXVIRUiQHRV
*UXSR
(VWi FRPSXHVWR SRU DTXHOORV HOHPHQWRV GH PX\ OHQWD R QXOD GHJUDGDFLyQ QDWXUDO GHVHFKRV QR
ELRGHJUDGDEOHVFRPRVHUORVSOiVWLFRVHOQ\ORQSROLHVWLUHQRFDXFKRVHVSRQMDVVLQWpWLFDVHQYDVHV
WHWUD EUHDN HQYDVHV PHWDOL]DGRV WLSR HQYROWRULRV GH PDQWHFD R WDSDV GH \RJXUHV GXOFH GH OHFKH
HWF
7UDWDPLHQWR
¾ (VWRVGHVHFKRVGHEHQDOPDFHQDUVHSDUDOXHJRVHUUHWLUDGRVGHOFRQWLQHQWHDQWiUWLFR
¾ 3XHGHQ WDPELpQ VHU UHXWLOL]DGRV SDUD HPEDODU HIHFWRV TXH UHWRUQHQ DO FRQWLQHQWH
VXGDPHULFDQRSRUHMHPSORSOiVWLFRV
(VWRVUHVLGXRVQRGHEHQVHULQFLQHUDGRVQLDUURMDUVHDOPDUQLVHUHQWHUUDGRV
'XUDQWHVXPDQLSXODFLyQHVSHFLDOPHQWHFXDQGRVHGHVHPEDODRVHWUDEDMDDODLUHOLEUHFRQHVWHWLSR
GHHOHPHQWRVGHEHUiQH[WUHPDUVHORVFXLGDGRVSDUDHYLWDUVXGLVSHUVLyQSRUHOYLHQWR
6LVHWUDWDUDGHUHFLSLHQWHVTXHKXELHVHQFRQWHQLGRHOHPHQWRVGHOJUXSRVHUtDFRQYHQLHQWHODYDUORV
DQWHVGHHPEDODUORVSDUDVXHYDFXDFLyQ
*UXSR
,QFOX\H D GHVHFKRV SHOLJURVRV WDQWR OtTXLGRV FRPR VyOLGRV /RV iFLGRV GH EDWHUtD IRWRJUiILFRV
JUDVDV DFHLWHV LQGXVWULDOHV GH PRWRUHV \ GH FRFLQD FRPEXVWLEOHV VROYHQWHV RUJiQLFRV EHQFLQD
WHWUDFORUXUR GH FDUERQR HWF SLQWXUDV SUHSDUDGRV TXtPLFRV HWF SHUWHQHFHQ DO JUXSR GH UHVLGXRV
SHOLJURVRVOtTXLGRV(QWUHORVVyOLGRVPHQFLRQDUHPRVDWRGRVORVHOHPHQWRVTXHHVWpQLPSUHJQDGRV
FRQUHVLGXRVSHOLJURVRVOtTXLGRVWUDSRVHVWRSDSDSHOHVODWDVSLQFHOHVPDGHUDVWUDWDGDVILOWURVGH
DFHLWH ODV FHQL]DV RULJLQDGDV SRU OD FRPEXVWLyQ GH ORV UHVLGXRV GHO JUXSR ODV SLODV EDWHUtDV
PHWDOHVSHVDGRV3ORPR0HUFXULR&URPRPDWHULDOHVUDGLDFWLYRVHQWUHRWURV
8Q UHVLGXR SHOLJURVR QR QHFHVDULDPHQWH HV Wy[LFR 6X SHOLJURVLGDG QR UHVLGH EiVLFDPHQWH HQ VX
PDQHMRVLQRHQ
¾ /DSHUVLVWHQFLDHQHOPHGLRGHHVWRVUHVLGXRVDWUDYpVGHOWLHPSR
¾ /RV FDPELRV TXH SXHGDQ SURGXFLUVH HQ VX QDWXUDOH]D TXtPLFD D WUDYpV GHO WLHPSR GH
SHUVLVWHQFLD \TXHSXHGDQDXPHQWDUVXWR[LFLGDGSRUGHJUDGDFLyQR SRUUHDFFLRQHV DRWUDV
VXVWDQFLDV
(QFDPELRXQUHVLGXRWy[LFRGHEHVHUFRQVLGHUDGRVLHPSUHXQUHVLGXRSHOLJURVR
7UDWDPLHQWR
(VWRVUHVLGXRVGHEHQVHUDSDUWDGRV\FXLGDGRVDPHQWHDOPDFHQDGRVKDVWDVHUUHWLUDGRVGHOD]RQD
ž&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH
DOGH6HSWLHPEUHGH
GHO7UDWDGR
&DGDXQDGHODVVXVWDQFLDVTXHFRQIRUPDQHVWHJUXSRGHEHVHUDOPDFHQDGDSRUVHSDUDGRFRQXQD
LGHQWLILFDFLyQ YLVLEOH HQ FDGD UHFLSLHQWH 7DOHV UHFLSLHQWHV GHEHQ VHU REMHWR GH H[WUHPD YLJLODQFLD
SDUD HYLWDU SpUGLGDV SRU FRUURVLyQ SRU DFFLGHQWH R GHWHULRUR TXH SHUPLWD TXH ORV UHVLGXRV
SDUWLFXODUPHQWHORVOtTXLGRVSXHGDQYHUWHUVHVREUHHOWHUUHQR3RUGLFKDUD]yQHVFRQYHQLHQWHTXH
VH ORV DOPDFHQH HQ OXJDUHV SURWHJLGRV \ SUHIHUHQWHPHQWH FRQ SLVR GH PDPSRVWHUtD DOHMDGRV GHO
SDVR FRWLGLDQR $VLPLVPR VH GHEHUi WHQGHU D TXH SHUPDQH]FDQ VLHPSUH HQ XQ PLVPR VLWLR SDUD
HYLWDUXQDPDQLSXODFLyQUHLWHUDGD
/RViFLGRVEDWHUtDIRWRJUiILFRVSRUXQODGR\ORVDFHLWHVSRURWURSXHGHQDOPDFHQDUVHHQIRUPD
FRQMXQWDHQELGRQHVGHSOiVWLFR
/RV UHFLSLHQWHV TXH FRQWHQJDQ UHVLGXRV GHO JUXSR GHEHUiQ VHU SLQWDGRV GH FRORU URMR \
FRQYHQLHQWHPHQWH URWXODGRV FRQ ORV GDWRV GH VX FRQWHQLGR \ YROXPHQ (MHPSOR È&,'26 /,7526
/RV UHVLGXRV GH ORV JUXSRV \ GHEHUiQ DOPDFHQDUVH HQ iUHDV VHSDUDGDV HVSHFLDOPHQWH
UHVHUYDGDVDWDOHIHFWR
*UXSR
3HUWHQHFHQ D HVWD FDWHJRUtD ORV GHVHFKRV VyOLGRV LQRUJiQLFRV FRQVLGHUDGRV JHQpULFDPHQWH FRPR
LQHUWHVHQ HOVHQWLGR TXHVXGHJUDGDFLyQQRDSRUWDUtD HOHPHQWRVSHUMXGLFLDOHV DOPHGLR DPELHQWH
DXQTXH VX GLVSHUVLyQ GHJUDGD HO YDORU HVWpWLFR GHO DPELHQWH \ SXHGH RFDVLRQDU DFFLGHQWHV DO
SHUVRQDO)RUPDQSDUWHGHHVWHJUXSRORVYLGULRVODVODWDVFKDSDVUHVWRVGHHVWUXFWXUDVPHWiOLFDV
WDPERUHVYDFtRVDODPEUHVUHVWRVGHFRQFUHWRXKRUPLJyQODGULOORV]XQFKRVGHHPEDODMHHWF
7UDWDPLHQWR
¾ (VWRV GHVHFKRV GHEHQ VHU FRPSDFWDGRV DOPDFHQDGRV \ HYDFXDGRV GHO iUHD GHO 7UDWDGR
$QWiUWLFR
¾ (YHQWXDOPHQWHSXHGHQVHUUHXWLOL]DGRVFDVRGHWDPERUHVFRPRFRQWHQHGRUHVGHEDVXUDR
FRPRUHOOHQRGHFLPLHQWRVRIXQGDFLRQHVFDVRGHUHVWRVGHKRUPLJyQ
6XDOPDFHQDPLHQWRGHEHUHDOL]DUVHHQUHFLSLHQWHVQRGHPDVLDGRJUDQGHVGDGDODGHQVLGDGGHHVWRV
PDWHULDOHV
6L ELHQ HVWRV HOHPHQWRV SXHGHQ DOPDFHQDUVH HQ IRUPD SURPLVFXD WRGRV MXQWRV HV FRQYHQLHQWH
VHSDUDUORVSUHYLDPHQWH(VWDSUiFWLFDIDFLOLWDUtDVXFRPHUFLDOL]DFLyQODWDVYLGULRVXQDYH]OOHJDGRV
DOFRQWLQHQWHVXGDPHULFDQR
6L HVWRV UHFLSLHQWHV KXELHVHQ FRQWHQLGR VXVWDQFLDV GHO JUXSR GHEHUtDQ VHU ODYDGRV SUHYLR D VX
GLVSRVLFLyQILQDO
5HVLGXRVFORDFDOHV
/RVUHVLGXRVFORDFDOHVSXHGHQVHUSURFHVDGRVGHODVLJXLHQWHPDQHUD
¾ VRPHWLGRVDXQDSXULILFDFLyQSRULQWHUPHGLRGHXQDSODQWDGHWUDWDPLHQWR
¾ WUDWDGRVSUHYLDPHQWHHQXQEDxRTXtPLFR
¾ GHVFDUJDGRVDOPDUHQ]RQDVDELHUWDVRGHDOWDFLUFXODFLyQGHDJXDV
¾ DOPDFHQDGRV SDUD VX SRVWHULRU HYDFXDFLyQ D XQD HVWDFLyQ R EXTXH TXH SRVHD FDSDFLGDG
SDUDSURFHVDUOR
/DHOHFFLyQGHOSURFHVDPLHQWRGHSHQGHUiGHODVSRVLELOLGDGHV\HTXLSDPLHQWRGHFDGDEDVH
'HEHUi FRQWHPSODUVH HO HVWXGLR \ OD SRVLELOLGDG GH LQFRUSRUDU FRPR VLVWHPD GHSXUDWLYR OD
IHUPHQWDFLyQDQDHURELDEDFWHULDQD
6HUHFRPLHQGDWDPELpQHQORVFDVRVHQTXHVHDSRVLEOHXWLOL]DUDJXDGHPDUHQVDQLWDULRVHQOXJDU
GHDJXDGXOFH
ž&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH
DOGH6HSWLHPEUHGH
&8$'525(680(1'(&/$6,),&$&,Ï1'(5(6,'826 *5832
3DSHOHVPDGHUDV
UHVWRVGHDOLPHQWRV
WUDSRVOLPSLRV
*5832
3OiVWLFRV
SROLHWLOHQRFDXFKR
HQYDVHVWHWUD
EUHDNHQYDVHV
PHWDOL]DGRV
6HDFXPXODQWHPSR
(QFDVRGH
UDULDPHQWHHYLWDQGRVX UHFLSLHQWHVODYDUORV
GLVSHUVLyQSRUYLHQWRR FRQYHQLHQWHPHQWH
DQLPDOHV
,QFLQHUDUHYDFXDUR
DUURMDUDOPDU
1XQFDDUURMDUUHVWRV
GHSURGXFWRVDYtFRODV
VLQFRFHU
(YDFXDU
*5832
*5832
$OPDFHQDUFRQSUHFDXFLRQHV
HVSHFLDOHVHQUHFLSLHQWHVDGHFXDGRV
SRUVHSDUDGRURWXODGRYLJLODGR
FRQWLQXDPHQWHVHOODGRDFXPXODGR
HYLWDQGRGLVSHUVLyQXQVRORVLWLR
SUHIHUHQWHPHQWHWHFKDGR\FRQSLVRGH
PDPSRVWHUtD
(QFDVRGHUHFLSLHQWHVODYDUORV
FRQYHQLHQWHPHQWH
&RPSDFWDU
HXWLOL]DU
WDPERUHVUHXWLOL]DUFRPRGH
SyVLWRGHEDVXUDRFRPSDFWDU
FRQFUHWREDVHSDUDIXQGDFLRQHV
(YDFXDU
(YDFXDU
5HVLGXRVSHOLJURVRV
ODWDV\YLGULRVDODPEUHFRQFUHWR
VyOLGRVFHQL]DVGHO
XKRUPLJyQ
JUXSRSLODVEDWHUtDVILOWURV\REMHWRV
LPSUHJQDGRV
OtTXLGRViFLGRVJUDVDVDFHLWHV
LQGXVWULDOHV\GRPpVWLFRVOtTXLGRVGH
UHYHODGROXEULFDQWHVGHWHUJHQWHVQR
ELRGHJUDGDEOHVSLQWXUDV
3/$1(6'(*(67,21<6(*8,0,(172$0%,(17$/$17$57,&2
/RV PLVPRV VH VXVWHQWDQ HQ HO KHFKR TXH OD FDUJD D WUDQVSRUWDU KDFLD HO 7HUULWRULR $QWiUWLFR HV
VXPDPHQWHYROXPLQRVD71DQXDOHV\DTXHODPLVPDGHEHVDWLVIDFHUWRGDVODVQHFHVLGDGHV
FLHQWtILFDV \ GH VXEVLVWHQFLD DO SHUVRQDO GHVWDFDGR HQ ODV %DVHV FRQVHFXHQWHPHQWH ORV UHVLGXRV
JHQHUDGRVGHEHQVHUWUDWDGRV\GLVSXHVWRVHQIRUPDFRQYHQLHQWHLPSOHPHQWDQGRSODQHVGHJHVWLyQ
DPELHQWDO SDUWLFXODUHV \ HVSHFtILFRV GH DFXHUGR D ODV FDUDFWHUtVWLFDV GH FDGD %DVH DGHPiV HO
SHUVRQDO GHEH VHU FDSDFLWDGR SUHYLDPHQWH D ILQ GH SRGHU GHVDUUROODU \ HMHFXWDU SODQHV GH JHVWLyQ
DPELHQWDO\PRQLWRUHR
$GLIHUHQFLDGHOÈUWLFRGRQGHH[LVWHODYLGDKXPDQDFRQFDUiFWHUSHUPDQHQWHHO&RQWLQHQWH$QWiUWLFR
HVpOPDVWDUGtDPHQWHGHVFXELHUWR\H[SORUDGRpOPDVDLVODGRGHOPXQGR \WRGDYtDVLJXHVLHQGRHO
PHQRVFRQRFLGR HVHO ~QLFRFRQPHGLR DPELHQWH LQFRQWDPLQDGR \ WRGDYtD YLUJHQ FRQYHUWLGR HQ XQ
JUDQODERUDWRULRQDWXUDOQRSRVHHSREODFLyQDXWyFWRQDQLSHUPDQHQWH\FRQFDUHQFLDDEVROXWDGHORV
PHGLRV LPSUHVFLQGLEOHV SDUD OD VXEVLVWHQFLD KXPDQD GRQGH OD QDWXUDOH]D VH UHVLVWH \ RSRQH D OD
SHQHWUDFLyQHLQYHVWLJDFLyQGHOKRPEUH
(OSUREOHPDSULQFLSDOUDGLFDHQTXHWRGRORQHFHVDULRSDUDUHVLGLUDOOtGHEHVHUSUHYLVWRDWUDYpVGH
XQSODQDQXDOWHQLHQGRHQFXHQWDTXHODVSUHYLVLRQHVGHEHQDVHJXUDUXQDEDVWHFLPLHQWRFRQWLQXRGH
DO PHQRV GRV DxRV DQWH OD SRVLELOLGDG GH TXH QR VH SXHGD UHDOL]DU HO UHOHYR \ DEDVWHFLPLHQWR HQ
IRUPDQRUPDOWRGRHVWRJHQHUDXQJUDQYROXPHQGHUHVLGXRVORTXHLPSOLFDOOHYDUDFDERSODQHVGH
JHVWLyQ
ž&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH
DOGH6HSWLHPEUHGH
&$5*$$75$163257$5'(6'(<+$&,$(/7(55,725,2$17È57,&2
7UDQVSRUWHGHFDUJDWRWDOKDFLDHO7HUULWRULR$QWiUWLFR
'HVFULSFLyQ
7DPERUHV
8QLGDGHV
*DV2LO$QWiUWLFRD
JUDQHO
*DV2LO$QWiUWLFR
1DIWD
1DIWDSDUD
DYLyQKHOLFySWHUR
.HURVHQH
6XSHUJDV
2WURVQRLQIODPDEOHV
2WURVLQIODPDEOHV
2WURV
7RQHODGDV
$FHLWHWDPERUHV
7XERV
P
&DUJDJHQHUDO
&DUQH
$FHLWH\PDWHULDVJUDVDV
0DWHULDOHVGH
FRQVWUXFFLyQ
0DGHUD
$QWHFiPDUD
$FLGR
&DUJDVHVSHFLDOHV
7RWDOHV
5HVLGXRVDWUDQVSRUWDUGHVGHHO7HUULWRULR$QWiUWLFR
8QLGDGHV
7RQHODGDV
5HVLGXRVHQWDPERU
727$/
%DVXUDHQFDMRQHV
ž&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH
DOGH6HSWLHPEUHGH
7UDQVSRUWHGHFDUJDWRWDOKDFLDHO7HUULWRULR$QWiUWLFRGHXQD%DVH$UJHQWLQD(VSHUDQ]D
'HVFULSFLyQ
7DPERUHV
8QLGDGHV
1DIWD
*DV2LO$QWiUWLFR
$FHLWHWDPERUHV
2WURVQRLQIODPDEOHV
&DUJDJHQHUDO
6~SHUJDV
2WURVLQIODPDEOHV
2WURV
7RQHODGDV
*2$JUDQHO
1DIWDSDUDDYLyQ
KHOLFySWHUR
4XHURVHQR
7XERV
0
&DUQH
$FHLWH\PDWHULDVJUDVDV
0DWHULDOHVGH
FRQVWUXFFLyQ
0DGHUD
$QWHFiPDUD
$FLGR
&DUJDVHVSHFLDOHV
7RWDOHV
5HVLGXRVDWUDQVSRUWDUGHVGHHO7HUULWRULR$QWiUWLFRSRUXQD%DVH(VSHUDQ]D
8QLGDGHV
7RQHODGDV
5HVLGXRVHQWDPERU
727$/
%DVXUDHQFDMRQHV
ž&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH
DOGH6HSWLHPEUHGH
$63(&726 $ 7(1(5 (1 &8(17$ (1 /2 5()(5(17( $/ 0$1(-2 '( 5(6,'826 (1 /$6
,163(&&,21(6
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
7LHQHOD%DVHXQSODQGHPDQHMRSDUDODVHSDUDFLyQUHGXFFLyQUHFROHFFLyQDFXPXODFLyQ
\HOLPLQDFLyQGHUHVLGXRV
4XLHQHVWiDFDUJRGHOPDQHMRGHUHVLGXRV
([LVWHXQLQIRUPHDQXDOGHPDQHMRGHUHVLGXRVGHVFULELU
6HSURYHHHQWUHQDPLHQWRVREUHHOPDQHMRGHUHVLGXRV\ODIRUPDGHPLQLPL]DUHOLPSDFWR
GHORVUHVLGXRVVREUHHODPELHQWH
3RUTXHPHGLRVVHGDDFRQRFHUS~EOLFDPHQWHODLQIRUPDFLyQUHODFLRQDGDFRQHOPDQHMR
GHUHVLGXRV
7pFQLFDVHQXVRGHHOLPLQDFLyQGHUHVLGXRV
0DWHULDOHVUDGLRDFWLYRV
%DWHUtDVHOpFWULFDV
&RPEXVWLEOHVOtTXLGRVRVyOLGRV\OXEULFDQWHV
3ROLYLQLOFORUDGR39&HVSXPDGHSROLHVWLUHQRJRPDV
2WURVSOiVWLFRV
0DGHUDVWUDWDGDV
7DPERUHVGHFRPEXVWLEOH
5HVLGXRVQRFRPEXVWLEOHV
5HVLGXRVRUJiQLFRV
(IOXHQWHVOtTXLGRVGRPLFLOLDULRV
%DVXUDSURGXFLGDSRUFDPSDPHQWRV
3URGXFFLyQGHEDVXUDSRUSHUVRQDSRUGtD
8VRGHLQFLQHUDGRUTXHRFXUUHFRQODVFHQL]DVVRQPRQLWRUHDGDV
6HUHFLFODDOJ~QWLSRGHUHVLGXRV
6H WRPDQ PHGLGDV SDUD SUHYHQLU OD GLVSHUVLyQ SRU YLHQWR D DYHV GH ORV UHVLGXRV
DFXPXODGRVSDUDVXHYDFXDFLyQ
6LWLHQHXQUHJLVWURGHODXELFDFLyQGHGHSyVLWRVGHUHVLGXRVGHDFWLYLGDGSDVDGD
(VWiQVLHQGROLPSLDGRVORVVLWLRVFRQDFWLYLGDGSDVDGDRVHHVWDSRUKDFHU
&216(&8(1&,$6(1(/6838(672'(12&803/,0,(172
([LVWHXQDHVWUHFKDUHODFLyQHQWUHORVFRQGLFLRQDQWHVDPELHQWDOHV\ODDEXQGDQFLD\GLVWULEXFLyQGH
ODIORUD\ODIDXQD
/RV HVWXGLRV GH %LRGLYHUVLGDG FRPSDUDQ XQ HFRVLVWHPD WHUUHVWUH DQWiUWLFR GLYHUVLILFDGR HQ
FRQGLFLRQHV FDVL SUtVWLQDV FRQ RWURV DOWHUDGRV SRU DxRV GH RFXSDFLyQ KXPDQD /RV GDWRV H[WUDtGRV
SHUPLWHQ HODERUDU HVWUDWHJLDV SDUD OD FRQVHUYDFLyQ GHO iUHD FX\R YDORU FRPR UHVHUYD GH
ELRGLYHUVLGDGQRVyORHVWiGDGRSRUODUHSUHVHQWDWLYLGDGGHVXVHVSHFLHVYHJHWDOHV \DQLPDOHVVLQR
WDPELpQSRUTXHHOLPSDFWRGHODDFFLyQKXPDQDKDVLGROLPLWDGR
/D]RQDKDVLGRGHFODUDGDHQHOPDUFRGHO7UDWDGR$QWiUWLFRVLWLRGHHVSHFLDOLQWHUpVFLHQWtILFRORTXH
VLJQLILFDTXHVHKDIRUPXODGRXQSODQGHLQYHVWLJDFLyQ\VHKDQHVWDEOHFLGRUHVWULFFLRQHVGHDFFHVR
OLPLWDGRDODDFWLYLGDGFLHQWtILFD
0XFKRVHKDDYDQ]DGRHQHOFRQRFLPLHQWRGHODELRGLYHUVLGDGGHOHFRVLVWHPDDQWiUWLFRGHVGHTXHHQ
HOPpGLFR\ERWiQLFR-RVHSK'DOWRQ+RRNHUTXHWRPySDUWHGHODH[SHGLFLyQGH-DPHV5RVVD
HVD UHJLyQ GHO SODQHWD FRQIHFFLRQDUD XQD FRUWD OLVWD GH HVSHFLHV YHJHWDOHV TXH LQFOXtD QXHYH
OtTXHQHV FLQFR PXVJRV \ FXDWUR DOJDV +R\ VH UHFRQRFH OD LPSRUWDQFLD GH ORV OXJDUHV FX\DV
FDUDFWHUtVWLFDVDPELHQWDOHVSHUPLWHQODH[LVWHQFLDGHXQDJUDQGLYHUVLGDGELyWLFDORTXHIXHWRPDGR
HQFXHQWDHQHO7UDWDGR$QWiUWLFRSRUODVGLVSRVLFLRQHVRULHQWDGDVDODFRQVHUYDFLyQGHIORUD\IDXQD
HV HVSHFLDO SRU OD FUHDFLyQ GH ODV ILJXUDV GH VLWLRV GH HVSHFLDO LQWHUpV FLHQWtILFR \ ]RQDV
HVSHFLDOPHQWHSURWHJLGDV
ž&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH
DOGH6HSWLHPEUHGH
(OSUREOHPDTXHVHSODQWHDHVTXpHVWUDWHJLDHOHJLUSDUDORJUDUHQHOODUJRSOD]RODFRQVHUYDFLyQGH
ODV iUHDV SURWHJLGDV PHGLDQWH GLFKD ILJXUDV MXUtGLFDV /RV SODQHV TXH VH WUDFHQ GHEHUtDQ WHQHU HQ
FXHQWDYDULDVFRQVLGHUDFLRQHV3RUXQDSDUWH(OSRVLEOHDLVODPLHQWRELRJHRJUiILFRGHORVHFRVLVWHPDV
WHUUHVWUHVDQWiUWLFRVSRGUtDLQIOXLUVREUHORVSURFHVRVGHUHFRORQL]DFLyQGHHVSHFLHV
$GHPiV VL ELHQ DFWXDOPHQWH H[LVWH DOJXQD FRQWURYHUVLD DFHUFD GH FXiQ IUiJLOHV VHULDQ WDOHV
HFRVLVWHPDV QR VH SXHGH GHVFRQRFHU TXH VRQ VHQVLEOHV D DFFLRQHV TXH ORV GLVWXUEHQ \ TXH
HIHFWLYDPHQWHHVWiQDOWHUDGRVSRUODSUHVHQFLDKXPDQD
(VWXGLRVUHDOL]DGRVHQOD$QWiUWLGDPDUtWLPDGHPRVWUDURQTXHODIRUPDFLyQGHXQDFDSDGHPXVJRGH
SRFRVFHQWtPHWURVGHHVSHVRUGHPDQGDFLHQWRVGHDxRVHQIRUPDUVH'HDKtODFRQYHQLHQFLDGHTXH
WRGD DFWLYLGDG TXH GHED WHQHU OXJDU HQ OD $QWiUWLGD HVWp SUHFHGLGD SRU XQ DQiOLVLV GH VXV HIHFWRV
VREUH HO PHGLR QDWXUDO KDELWXDOPHQWH OODPDGR HVWXGLR GH LPSDFWR DPELHQWDO TXH GHWHUPLQH ORV
FRVWRVSDUDHODPELHQWH\FRQVLGHUHDOWHUQDWLYDV
(V DFRQVHMDEOH GHILQLU QXHYRV VLWLRV GH HVSHFLDO LQWHUpV FLHQWtILFR SRUTXH VyOR FRQ XQ FRQMXQWR GH
VLWLRV SURWHJLGRV SRGUi DVHJXUDUVH OD SUHVHUYDFLyQ GH ORV HFRVLVWHPDV D ORV FXDOHV VHJ~Q HO
SHQVDPLHQWRPiVUHFLHQWHGHEHDSXQWDUXQDHVWUDWHJLDHIHFWLYDSDUDFRQVHUYDUODELRGLYHUVLGDG\QR
D ODV HVSHFLHV WRPDGDV HQ IRUPD DLVODGD SXHV HQ ~OWLPD LQVWDQFLD VyOR DVt VH JDUDQWL]DUtD OD
SUHVHUYDFLyQGHpVWDV
3RURWURODGRORVHVIXHU]RVTXHVHKDJDQSRUUHGXFLUSpUGLGDVGHELRGLYHUVLGDGVHUtDQPiVHILFLHQWHV
VLVREUHWRGRDSXQWDUDQDPDQWHQHUODUHVLOLHQFLDGHOHFRVLVWHPDDQWHGLVWXUELRV
(V LPSRUWDQWH DQDOL]DU ODV UHODFLRQHV IXQFLRQDOHV HQWUH OD GLYHUVLGDG ELROyJLFD \ OD FDSDFLGDG GH
SHUVLVWHQFLDHQORVHFRVLVWHPDVDQWiUWLFRVFRQHOILQGHDVHJXUDUVHTXHHQHOODUJRSOD]RODFDOLGDG
DPELHQWDOVHPDQWHQJDHQHOFRQWLQHQWHTXHKDVLGRPHQRVDIHFWDGRSRUODDFFLyQGHOKRPEUH
35238(67$6<&21&/86,21(6
5HHPSOD]DU ORV DFWXDOHV HPEDODMHV GH PDGHUD SDUD OD FDUJD JHQHUDO SRU HPEDODMHV UHWRUQDEOHV \
UHXWLOL]DEOHVGHELGRDTXHORVDFWXDOHVVRQ
¾
¾
¾
¾
6XPDPHQWH YROXPLQRVRV UHTXLULHQGR SDUD VX FRUUHFWR \ VHJXUR FHUUDGR \ DFRQGLFLRQDGR
XQD FDQWLGDG LPSRUWDQWH GH FODYRV VXQFKRV \ GHPiV LQVXPRV HVSHFtILFRV SDUD
HPEDODMH HOHPHQWRV WRGRV TXH FRQFXUUHQ DO YROXPHQ JHQHUDO GH HOHPHQWRV
SUHVFLQGLEOHV LQWHJUDQWHV GHO JUXSR GH ORV UHVLGXRV HQ HVWH SDUWLFXODU \ SDUD XQ DQiOLVLV
H[DFWRGHEHFRQVLGHUDUVHTXHODFDQWLGDGGHFDMRQHVWUDQVSRUWDGRVDXQD%DVHVHHQFXHQWUD
HQHORUGHQGHORVDFDMRQHVDSUR[LPDGDPHQWH
'HELGR D VX SUHFDULD HVWUXFWXUD VH UHTXLHUH DGHPiV GH OD LQFRUSRUDFLyQ HQ VX LQWHULRU GH
PDWHULDOH[WUDGHUHOOHQRSDUDHYLWDUURWXUDVRGHWHULRURGHOPDWHULDOWUDQVSRUWDGR HOPLVPR VH
YHVRPHWLGRDXQWUDWRVHYHURDOPRPHQWRGHVHUHVWLEDGR \ FDUJDGRHQHO5RPSHKLHORVVX
SRVWHULRU GHVFDUJD HQ ODV %DVHV TXH HV UHDOL]DGD SRU PHGLR GH KHOLFySWHURV \ TXH DO VHU
OHYDQWDGDVXIUHXQDSULVLRQDPLHQWR LJXDOTXHDOVHU GHSRVLWDGDHQWLHUUD'HQWURGHOJUXSRGH
PDWHULDOHV XWLOL]DGRV FRPR UHOOHQR HQFRQWUDPRV DVHUUtQ SOiVWLFR HQ VXV YDULDGDV IRUPDV
HVFDPDVHVIHUDVHWFSDSHOHPEUHDGR ILOP FRQEXUEXMDVGHDLUHSDSHOHWF
/RV FDMRQHV GH PDGHUD QR VRQ UHFXSHUDEOHV HQ VX WRWDOLGDG UHTXLHUHQ GH XQ YROXPLQRVR
HVSDFLR SDUD OD HVWLED VH HPSOHD PXFKDV KRUD KRPEUH GH WUDEDMR SDUD SURFHGHU D VX
GHVDUPDGRDFRQGLFLRQDPLHQWR\HVWLEDGR
6H SURSRQH XWLOL]DU FDMRQHV GH PDWHULDO SOiVWLFR TXH VHDQ UHVLVWHQWHV DO IUtR H[WUHPR
FRQVWUXLGRV HQ GLPHQVLRQHV TXH UHVSRQGDQ D ORV HVWiQGDUHV HVWDEOHFLGRV OR TXH SHUPLWLUtD
DFRQGLFLRQDU OD FDUJD D WUDQVSRUWDU HQ IRUPD FULWHULRVD VLQ WHQHU TXH XWLOL]DU UHOOHQR LQWHUQR
SDUDHYLWDUPRYLPLHQWRGHODPLVPDRSWLPL]DQGRHVSDFLRV
ž&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH
DOGH6HSWLHPEUHGH
¾
¾
¾
(OVLVWHPDSURSXHVWRGHHPEDODMHHVUHWRUQDEOHHVGHFLUTXHSXHGHVHUUHXWLOL]DGRHQIXWXUDV
FDPSDxDVQRSURGXFHUHVLGXRVHVDSLODEOHORTXHGLVPLQX\HHOHVSDFLRTXHRFXSDVHSXHGH
XWLOL]DUSDUDWUDQVSRUWDUFDUJDGHVGHHO7HUULWRULR$QWiUWLFR
6HFRQVLGHUDTXHORVFRVWRVGHLQYHUVLyQSRULQFRUSRUDFLyQGHOQXHYRVLVWHPDGHHPEDODMHVH
DPRUWL]DUtDQ HQ WUHV R FXDWUR DxR \ WHQGUtD XQD YLGD ~WLO GH XQRV D DxRV
DSUR[LPDGDPHQWH /RV HPEDODMHV FRQVWUXLGRV HQ PDGHUD VRQ PiV HFRQyPLFRV SHUR VRQ
SRFRGXUDEOHV
/DJHVWLyQGHUHVLGXRVVHYHUtDVHQVLEOHPHQWHGLVPLQXLGDSRUHOUHHPSOD]R
¾
$ ORV HIHFWRV GH PLQLPL]DU \ FRQWURODU OD GLVSHUVLyQ GH UHVLGXRV HQYROWRULRV ]XQFKRV
HWF SRU DFFLyQ GH OD LQWHQVLGDG \ FRQVWDQFLD GH ORV YLHQWRV OD DFWLYLGDG GH GHVDUPDGR \
GHVHPEDODGRGHODFDUJDHQHO7HUULWRULR $QWiUWLFR GHEHUtD VHUUHDOL]DGD SUHIHUHQWHPHQWHHQ
OXJDUHVFHUUDGRV \FXELHUWRVHQGRQGHODFDUJDVHUiDOPDFHQDGD \D TXH ODPLVPDFXDQGR
HVDFRQGLFLRQDGD\HPEDODGDHQHOFRQWLQHQWHSRVHHJUDQFDQWLGDGGHPDWHULDOTXHHVXVDGR
SDUDTXHQRVHGHWHULRUHRVHYHDDIHFWDGRVXXVRSRVWHULRU QRVLHQGRSRVLEOHVXUHSRVLFLyQ
¾
6HKDYHULILFDGRKLVWyULFDPHQWHTXHDQWHPDODVFRQGLFLRQHVPHWHRUROyJLFDVLPSHUDQWHVHQHO
VHFWRU \ DJUDYDGR SRU HO KHFKR TXH QXHVWUR SDtV VROR FXHQWD FRQ XQ %XTXH 5RPSHKLHORV
SDUD HIHFWXDU HO DEDVWHFLPLHQWR \ UHSOLHJXH D ODV %DVHV 3HUPDQHQWHV 7UDQVLWRULDV \
&DPSDPHQWRV QR VHD IDFWLEOH UHSOHJDU OD WRWDOLGDG GH ORV UHVLGXRV HO UHOHYR GH ODV
GRWDFLRQHV \ HO DEDVWHFLPLHQWR GH ODV PLVPDV HV HO KHFKR SULRULWDULR GHELHQGR TXHGDU ORV
PLVPRV DFRQGLFLRQDGRV SUHIHUHQWHPHQWH HQ OXJDUHV FXELHUWRV HVWLEDGRV \ FODVLILFDGRV SRU
JUXSR VLQ TXH DIHFWH HVWD VLWXDFLyQ DO PHGLR DPELHQWH GHELGR D XQ FULWHULRVR \ DMXVWDGR
FRQWURO\VHJXLPLHQWRHQHVSHUDGHODFDPSDxDVLJXLHQWHTXHGLVSRQGUiVXUHSOLHJXH
¾
(O DFRQGLFLRQDPLHQWR \ HPEDODMH GH ORV UHVLGXRV D UHPLWLU DO FRQWLQHQWH VH GHEHUi UHDOL]DU
FRPR PtQLPR XQD YH] SRU VHPDQD \ VL ODV FRQGLFLRQHV PHWHRUROyJLFDV LPSHUDQWHV QR OR
SHUPLWHQGLFKDDFWLYLGDGVHUHDOL]DHQODSULPHUDRSRUWXQLGDGTXHODVFRQGLFLRQHVORSHUPLWDQ
DORVHIHFWRVGHHYLWDUVXDFXPXODFLyQ
¾
/RVYLGULRVSRGUiQVHUUHXWLOL]DGRVHQODFRQVWUXFFLyQSUHYLRPROLGR \PH]FODGRFRQDUHQD \
FHPHQWRHVSHFLDOPHQWHHQODFRQVWUXFFLyQGHFRQWUDSLVRV
¾
(PSOHDUHQHUJtDUHQRYDEOHFRPRODVRODUSDUDFDOHIDFFLRQDUODVLQVWDODFLRQHVGHODV%DVHV
\DTXHHODFWXDOVLVWHPDGHPDQGDJUDQFRQVXPRGHFRPEXVWLEOH\HOHPSOHRSHUPDQHQWHGH
JUXSRV HOHFWUyJHQRV \ FDOHIDFWRUHV OR TXH SURGXFH ODV HPLVLRQHV FRQ ODV FRQVHFXHQFLDV
FRQRFLGDV
¾
(OFRQVXPRDQXDOGHFRPEXVWLEOHSURPHGLRHQOD%DVH(VSHUDQ]DHQODVFDVDVKDELWDFLyQHV
GHOWVDQXDOHVXVLQDOWVDQXDOHVWDOOHUHVHQIHUPHUtDFDUSLQWHUtDOWV
DSUR[LPDGDPHQWH
¾
/D]RQDGHHVWXGLR HVDSWD SDUD ODLPSOHPHQWDFLyQ GHHQHUJtDVDOWHUQDWLYDVUHQRYDEOHV \
OLPSLDV FRPR OD HQHUJtD VRODU GHELGR D VX LQWHQVD LQVRODFLyQ HQ pSRFD GH YHUDQR /D
XELFDFLyQ GH ODV EDVHV VHJ~Q VX /DWLWXG \ /RQJLWXG SHUPLWH FRQVWDWDU TXH OD OX] TXH HQ
YHUDQRSURPHGLD ODV+V GtD SHURTXHODVPLVPDVVHYHQGLVPLQXLGDVHQLQYLHUQRGH
D R KV GH OX] HQ OR FXDO DGPLWLUtD SUR\HFWDU OD LQFRUSRUDFLyQ GH XQD FRPELQDFLyQ
ž&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH
DOGH6HSWLHPEUHGH
LQWHUHVDQWH GH WHFQRORJtDV RSWLPL]DQGR ORV UHFXUVRV HQHUJpWLFRV SURYHQLHQWHV GH OD HQHUJtD
VRODUHQYHUDQR\GHODHyOLFDHQLQYLHUQRYLVWRTXHORVYLHQWRV]RQDOHV SURPHGLDQORV NPKRUD
)2726'($&7,9,'$'(6'('(6&$5*$
ž&RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH
DOGH6HSWLHPEUHGH
Descargar